QUEBEC CITY, Jan. 30, 2018 (GLOBE NEWSWIRE) — Komet Resources Inc. (“Komet” or the “Company”) is pleased to announce a gold discovery 4km from the Guiro mine and the development of a new unmined shoot at the mine.

New Gold Zone

Komet geologists’ verification of three 40m deep gold diggers’ shafts, located about 4km northeast of the Guiro mine, revealed a quartz vein with a true width of 1.5m, oriented east-west, with a northward dip of 60 degrees. The vein has the same mineralogical composition and the same host rock limonitic alteration from weathering as the Guiro mine vein.

Sampling was carried out by Komet geologists in sealed bags directly from grab samples brought to surface by the gold diggers. The samples are random samples (3 grabs takes per composite sample). These grab samples are indicative but not representative of the grade of the gold structure.

During the development in the western sector of the mine (see the October 23, 2017 press release), the Level 3 west gallery intercepted the junction where the 210/80 oriented shear cuts the Guiro vein (270/60).

In this sector the Guiro vein is hardly perceptible due to the shear that displaced the main structure. However, the operators noted the presence of thin centimetric quartz veins with gold mineralization, grading up to 120 g/t over 1.2m obtained from jackleg drill holes.

Table of the best results over 1.2m (true width) from jackleg drill holes:

Samples

Au g/t

201 706 564

120.0

201 706 574

10.1

201 706 575

31.8

201 706 581

110.0

In order to better characterize this zone, several grab samples were taken from the roof, the wall and the sludge surrounding these thin chloritized white-pink quartz veins.

Summary of the best results of the grab samples:

Samples

Au g/t

201 706 611

72.5

201 706 612

47.0

201 706 614

17.0

201 706 615

22.7

201 706 616

11.7

201 706 617

14.7

201 706 618

149.6

201 706 621

17.6

201 706 646

13.4

201 706 647

82.7

201 706 650

63.1

201 706 651

60.3

201 706 635

12.6

201 706 641

27.7

201 706 642

26.8

Samples

Au g/t

201 706 655

26.9

201 706 658

185.0

201 706 661

13.5

201 706 667

10.5

201 706 668

11.6

201 706 669

52.3

201 706 670

12.5

201 706 672

67.4

201 706 677

12.6

201 706 680

50.6

201 706 684

16.5

201 706 687

13.9

201 706 692

16.5

201 706 693

14.5

The chimney to which the current development of level 3 is oriented, theoretically lies 25m farther west and has already been intercepted by the Gu2015dd04, 06, 32 and 35 diamond drill holes who show metric grades reaching 31.1g/t Au (see the September 10, 2015, press release for more details).

Table of the survey intercepting the chimney:

Survey

From (m)

To (m)

g/t Au

Span (m)

True width (m)

Gu2015dd04

125.33

127.28

5.81

1.95

1.69

Gu2015dd06

80.60

83.40

2.05

2.80

2.42

Gu2015dd32

149.00

149.66

8.73

0.66

0.57

Gu2015dd35

105.45

106.80

31.1

1.35

1.17

This chimney is at least 50m wide at level 3 and continues to level 2 and 4 and should have, between these levels, a 60x50x2m size.

Guiro Mine Exploration

The sinistral offset of the Guiro structure, along the 210-degree shear in the west section of the mine, implies that this type of displacement might be present in the eastern sector, involving the displacement of the Guiro vein to the north and thus opening up new exploration targets northeast of the Guiro mine.

Mr André Gagné, president and CEO declare: “After a discovery south to the Guiro vein (see the may 25, 2017 press release), we now have a new vein to the north which is also similar to the Guiro vein. The exploration activities will hence be intensified in the next few weeks; it appears that the historical exploration data is getting confirmed.”

The grab samples assays reported were obtained by standard 30 grams fire-assaying-AA finish or gravimetric finish at the Company’s mine site laboratory. Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43–101 and industry best practices, including the introduction of standards or blanks with every batch of 3 samples analyzed.

The diamond drill holes samples from 2015 were analyzed by the SGS Lab in Ouagadougou using fire assay followed by atomic absorption spectrometry.

Jacques Marchand, P.Eng. P.Geo., is the Qualified Person who has reviewed this news release and is responsible for the geological information presented herein.

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated resources, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet’s management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

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